BONDS IN ESTATES
June 22, 2010 § 2 Comments
[This information comes from the outline of a presentation made by Bob Williford to the Chancery Judges Spring Conference earlier this year. Used with his permission.]
- the Administrator is required to give a bond equal to the value of all of the personal estate. § 91-7-67, MCA.
- Bond may be waived or reduced if (1) Administrator is the sole heir, or (2) all of the heirs are competent and agree in their sworn petition to waive or reduce bond, BUT
- The court may nonetheless require a bond to protect the creditors if the court deems it necessary to protect their interests. Smith by and through Young v. Estate of King, 501 So.2d 1120 (Miss. 1987).
- At any time that the court deems the bond inadequate, the court may require the Administrator to give a new bond. § 91-7-315, MCA.
- The Executor is required to give bond in an amount equal to the full value of the estate. § 91-7-41, MCA.
- Executor who is also a residuary legatee may give bond conditioned to pay all debts and legacies of the testator within one year. § 91-7-43, MCA.
- If the testator in the will directs that the Executor not be required to give bond, then none is required unless the court or the clerk has a reason to require a bond. § 91-7-45, MCA.
- Any creditor may petition the court to require the Executor to give a bond if the creditor believes that his or her claim is jeopardized due to bad management of the estate. § 91-7-45, MCA.
- State or national banks domiciled in Mississippi are not required to give bond unless directed by the Will. The court has discretion to waive the bond notwithstanding that the Will directs it. § 81-5-35, MCA.